15.8.2023 06:30:00 CEST | Magnora ASA | Half yearly financial reports and audit
reports / limited reviews
15 August 2023: Magnora, a Norwegian renewable energy development company,
releases its financial report for the second quarter 2023.
Highlights and subsequent events:
* On 12 May, Magnora sold its holdings in Evolar to First Solar, Inc. for NOK
310 million and milestone payments worth up to NOK 265 million
* On 21 June, the annual general meeting of Helios approved SEK 60 million (NOK
59.9 million) in dividends of which 40 per cent was paid to Magnora
* On 25 April 2023, the annual general meeting of Magnora confirmed the share
buy-back program and a program to return capital (dividends)
* In June, Magnora commenced buyback. The maximum consideration to be paid is
NOK 45 per share and NOK 50 million in aggregate. As of 14 August, Magnora
holds 1,010,854 own shares.
* Steady organic growth in our BESS and solar assets from Q1 to Q2: 16 per cent
growth in South Africa and Sweden, 24 per cent in Norway and 48 per cent in
the UK. The most mature UK projects are on track for exit in Q4 2023 or Q1
2024.
* Magnora has sold net 295 MW from the beginning of the year and up to the date
of this report.
* Net profit for the second quarter was NOK 203 million